Receivables and Payables (Tables)

6 Months Ended

Jun. 30, 2016

Receivables and Payables

Summary of receivables from and payables to brokers, dealers and clearing organizations

The following is a summary of receivables from, and payables to, brokers, dealers and clearing organizations (dollars in thousands):

	Receivables from						Payables to
	June 30, 2016			December 31, 2015			June 30, 2016		December 31, 2015
Broker-dealers	$	367,611		$	167,514		$	153,157	$	64,763
Clearing organizations	3,982			3,480			30,626		7,644
Securities borrowed	12,542			866,520			—		—
Securities loaned	—			—			75,011		888,152
Allowance for doubtful accounts	(356		)	(737		)	—		—
Total	$	383,779		$	1,036,777		$	258,794	$	960,559

Summary of receivables from and payables to customers

The following is a summary of receivables from, and payables to, customers (dollars in thousands):

	Receivables from						Payables to
	June 30, 2016			December 31, 2015			June 30, 2016		December 31, 2015
Customers	$	175,131		$	49,688		$	73,933	$	9,957
Allowance for doubtful accounts	(520		)	(512		)	—		—
Net	$	174,611		$	49,176		$	73,933	$	9,957

Schedule of interest earned and interest incurred on securities borrowed and loaned

The gross amounts of interest earned on cash provided to counterparties as collateral for securities borrowed, and interest incurred on cash received from counterparties as collateral for securities loaned through the wind-down of all balances within the U.S. matched-book operations, and the resulting net amount included in other revenue on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015, respectively, were as follows (dollars in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Interest earned	$	448		$	1,451		$	2,080		$	2,859
Interest incurred	(185		)	(1,080		)	(1,251		)	(2,126		)
Net	$	263		$	371		$	829		$	733

Summary of the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable

The following table summarizes the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable (dollars in thousands):

	Gross Amounts of Recognized Assets/ (Liabilities)			Gross Amounts Offset in the Consolidated Statement of Financial Condition		Net Amounts Presented in the Consolidated Statement of Financial Condition			Collateral Received or Pledged (including Cash)			Net Amount
As of June 30, 2016:
Deposits paid for securities borrowed	$	12,542		$	—	$	12,542		$	12,542		$	—
Deposits received for securities loaned	(75,011		)	—		(75,011		)	(74,899		)	(112		)
As of December 31, 2015:
Deposits paid for securities borrowed	$	866,520		$	—	$	866,520		$	866,520		$	—
Deposits received for securities loaned	(888,152		)	—		(888,152		)	(868,843		)	(19,309		)